The Treasury Committee report, 'Women in the City' was prompted by its work in the banking crisis, which shone a spotlight on the need for reform to increase financial stability, including improving corporate governance within financial institutions. Part of the debate on how to improve corporate governance was around boosting diversity and challenge in the City. Witnesses to the Committee even suggested that greater female representation at senior levels would have made the banking crisis less likely. The report says the lack of diversity on the boards of many, if not most, of our major financial institutions, may have heightened the problems of 'group-think' and made effective challenge and scrutiny of executive decisions less effective. A sector which is failing to properly utilise the talents of over half the population clearly has substantial room for improvement and this entails looking more widely at the industry structure, to ensure that able women who wish to progress are not held back. The report also examines matters such as the long hours culture, the working environment and access to flexible working and family-friendly practices. The report notes that the challenge is not so much to change the legal framework, but to change practice and, where necessary, culture. The onus is on the City to demonstrate that it is committed to improving the representation of women at senior levels within the industry. Whilst the Committee does not believe this should be achieved through the introduction of a quota system, it is clear that such pressure will intensify should the industry fail to act.... is mostly driven by the occupational segregation in the City, the fact that women tend to take lower paid jobs than men, ... and the general segregational nature of advice from careers officers (information advice and guidance officers as theyanbsp;...
|Title||:||Women in the City|
|Author||:||Great Britain: Parliament: House of Commons: Treasury Committee|
|Publisher||:||The Stationery Office - 2010-04-03|